SAN FRANCISCO .- A new smart cell phone from Google with an embedded chip, which makes it a virtual wallet for people to just “tap and pay”, is about to make its debut, stated Google CEO, Eric Schmidt on Monday.
The successor of Google’s multifunctional smartphone Nexus One runs the new application “Gingerbread” and has a chip that will communicate with its immediate environment enabling it to make financial transactions.
“There is a product not yet announced that I carry with me,” said Schmidt, while taking it out of his jacket’s pocket, during a talk at the Summit 2.0 in San Francisco. “These mobile devices will be able to trade,” he continued. “Essentially, everything and subsequently will be used to replace credit cards. In the industry it is called “tap and pay.”
The chips store personal data that can be transmitted to readers, for example at a point of sale supporting the phone.
Schmidt did not reveal which company made the cell phone.
Google collaborated with the Taiwanese electronics giant HTC to produce the Nexus One which was launched in January, when they made their high-profile debut in the growing smart phone market.